Mid Month Pricing Update and Forecast
Each month about this time we look back at the previous month, analyze how pricing has behaved and report on how well our forecasting techniques performed. We also give a forecast for how pricing will move over the next month.
For the monthly period ending March 15, we are currently recording a sales $/SF of $227.56 averaged for all areas and types across the ARMLS database. This is up 3.1% from the $220.75 we now measure for February 15. Our forecast range midpoint was $227.17, with a 90% confidence range of $222.63 to $231.71. Prices were very close to the midpoint of our forecast, just 39 cents higher.
Average sale $/SF has risen 26% in the last 8 months, equivalent to an annual appreciation rate of almost 35%. In fact prices are rising at a steady pace of roughly 3% per month at the moment.
We now anticipate that the annual appreciation rate will approach or even exceed 40% by the time we get to the middle of 2021.
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